Mariners Cove Condominium Owner's Association  
Meeting June 7, 2003

In the new Board of Director's haste to serve the homeowners, the minutes of the general session were mailed out prior to Board approval. Please replace those minutes with these approved minutes.

Mark Simard, President, opened his State of the Association address by stating that the goal of this general session is to be organized, informative, a social opportunity, voting opportunity and to have a little fun. Mr. Simard welcomed all homeowners, introduced the board members and extended a special thank you to Sharon Roy, George Emmett and Peter VanDerZalm for their efforts in removing the port-a-potty from view of Mariner Cove. Accomplishments of the past year were discussed, including monthly board meetings with minutes mailed to homeowners, legal working relationships with all independent contractors and employees including getting 3 bids for every job that is contracted out with the successful bidder showing business license, insurance, bonding if necessary and a written contract. Background checks are conducted on all board members. For the first time we have an annual audit for 2002. A proposed operations budget was created and mailed to all homeowners. The monthly Comparison-to-Budget Report has been mailed monthly to all homeowners. A suggestion box was created and placed in the clubhouse for owner's comments. Phase 1 exterior was painted. Finally, greater communication between the Board and the homeowners has been achieved.

Mr. Simard gave a brief financial update of Mariner's Cove. The association is about $1,000.00 to the good each month with the dues coming in and the normal monthly expenditures going out. $1,000.00 to the good as long as there is no unforeseen expenditures. We borrowed $25,000.00 from our reserve account that has not been paid back. Paying back the reserve fund this next year is the number one goal of the Board of Directors. We are on a 6~year plan to accumulate enough money to pay the insurance premium up front, in advance each year. To date we are still making monthly payments and paying interest. There is no money set aside for emergencies in a contingency fund. This emergency fund needs to be created and funded. There is also no capital fund for anticipated 5-year and lO-year capital repairs. These are repairs that we know will need to be addressed such as seal-coating the asphalt and putting new roofs on buildings and painting buildings. We need to create a capital fund account and fund it. This is one of the written recommendations of the auditor in the annual audit.

1. Sign in sheet was completed and information packets handed out. Packets included the 2003 owners Roster, 2002 Annual Audit with auditor's recommendations, general session agenda and Comparison to Budget May report. 2. It was decided, motion made, seconded and passed, that future Board minutes and Financial Comparison to Budget reports will now be mailed quarterly with the billing. A bookbinder containing these documents will also be maintained in the clubhouse. 3. Volunteer Community Building: A motion was made, seconded and passed to have volunteer committees formed for various chores needing done within the complex. A waiver of liability would need to be signed by anyone volunteering to work on a committee. 4. Cost of living dues increase was tabled do to a lack of a written capital budget so that homeowners can see where their money is earmarked. 5. Capital Improvements voted on: a. Security Fence: several varying opinions make it necessary to send out a ballot to each homeowner, stating options available and assessment cost to each unit. b. Teriyaki Lawsuit: motion made, seconded and passed to negotiate a cash settlement of no less than $1,500.00. The Board will make the final decision in the best interest of all concerned. c. Ping-Pong table replacement was voted against.

6. Heater reimbursement to Phase 11. A motion was made, seconded and passed to reimburse current homeowners who paid to purchase replacement heaters in connection with the Cadet Heater recall. 7. New Board members are: Ken Russell, Marianne Shotwell-Sowers and George Emroitt 8. Retiring Board members are: Al Brown, Lana Werkema and Frank Kuplent 9. New Officers are: Nancy Stull   President Ken Russell   Vice President Daun Botta Pillo Treasurer (re-elect) George Emmitt/ Secretary Larry Kosterwera

Homeowners are encouraged to use the Mariners Cove Homeowners web page to stay current on what is going on at: (This is the correct website address) If you would like to be contacted by email with minutes, comparison to budget reports and any other Mariners Cove information, please provide us with your email address when returning your dues payment or ballot.

Prepared by: Mark Simard, exiting President

Submitted by: Nancy Stull, Secretary